Riyadh — Mubasher: Al Inma Second Development Company Limited, a subsidiary of Umm Al Qura for Development and Construction Company, signed an agreement to sell a land plot within the Masar Destination in Makkah for SAR 138.98 million.
The transaction was entered into with Al Sakan Al Mithali for Development Limited, a subsidiary of Methak Investment Holding.
The land plot, located in the third zone of the Masar Destination overlooking Abdullah Arif Road, covers a total area of 3,217 square meters.
According to the disclosure, the asset carries a total book value of SAR 59.67 million. The sale price excludes taxes and fees, which are to be borne by the buyer.
The company stated that the transaction aligns with the development strategy for the Masar Destination, as the buyer intends to develop a hospitality tower on the site.
Umm Al Qura for Development expects the deal to have a positive impact on its liquidity and financial results.
Proceeds from the sale will be utilized to fund working capital and support existing projects.
Al Inma Second Development Company Limited is the special purpose vehicle for the Al Inma Makkah Development Fund II, in which Umm Al Qura for Development owns all units.
In September, the listed group sold a land plot within the Masar Destination for a total value of SAR 183.74 million.
